Regal Entertainment Revenues And Admissions Decline In Q2

The earnings statement from the largest theater chain begins with a statement from CEO Amy Miles about last week’s shooting in Aurora. “We believe that movie theatres have always been and will continue to be places where friends, families and communities can safely gather together for a few hours of fun and entertainment,” she says. “We were devastated and heartbroken by the senseless acts that took place in one of those theatres last week, but remain committed to providing a safe and secure environment for our guests.” There was virtually no commentary about the Q2 results themselves, which were mixed. Regal reported net income of $37.2M, up 6.9% vs the same period last year, on revenues of $723.3M, -4%. The revenue figure missed analysts’ expectation for $732.9M. But adjusted earnings at 25 cents a share beat the 20 cent forecasts. Attendance at 54,297 was down 8.5% from last year — but at 6,552 screens, down about 100. The average ticket price was $9.11, up from $8.75. Concessions revenues also were up to $3.55 per patron from $3.37.